Next year there will be a record in terms of transfers to the state budget from the State Oil Fund (SOFAR). According to forecasts, in 2015 this figure is expected to reach 10 388 mln. AZN, which is 11.2% more than expected this year. According to the government, thereby 53.4% of the revenues of the state budget of Azerbaijan will be secured.
The Finance Ministry expects in 2016-2018 a gradual reduction of this indicator - to 10 148 million AZN, 9 637 million AZN and 9 149 mln. AZN respectively. Normally, the declared figures of transfers from SOFAR are not observed. In May and June, the head of state “generously” allocates up to 2 billion manat to this body for patching holes in the pockets of officials.
The Oil Fund of Azerbaijan accumulates income from the sale of oil contracts, in particular from the sale of profit oil of the state, transit tariffs for the transportation of oil and gas across the country, from the lease of state property and so forth. --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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